[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is offering Market-Linked Securities that combine a contingent fixed return of at least 9.25% with contingent downside principal at risk. The $1,000-denominated notes mature on 12 Aug 2026 and are linked to the worst performer of two energy-focused ETFs: the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and the Energy Select Sector SPDR Fund (XLE).
Payout mechanics:
- If the worst-performing ETF closes on the calculation day (7 Aug 2026) at or above 80% of its starting price, investors receive $1,000 plus the fixed return (≥ $92.50).
- If it closes below 80% but at or above 70%, investors are repaid only the $1,000 principal—no return.
- If it closes below 70%, repayment equals $1,000 multiplied by the ETF’s price return, producing a loss of more than 30% and up to 100% of principal.
The estimated value on the pricing date (24 Jul 2025) will be about $958.90—reflecting issuing, selling, structuring and hedging costs—so the notes will price above their economic value. Secondary trading is expected to be limited, and the securities are not exchange-listed.
Key risks highlighted include zero periodic interest, capped upside, significant sector concentration in energy, exposure to Morgan Stanley’s credit, potential conflicts of interest from affiliated calculation agent/hedging, uncertain tax treatment and valuation model dependency. Dealer compensation is up to $23.25 per note, with additional selling concessions up to $17.50.
Morgan Stanley Finance LLC, garantita completamente da Morgan Stanley, offre titoli collegati al mercato che combinano un rendimento fisso condizionato di almeno il 9,25% con un rischio condizionato sul capitale. Le note denominate $1.000 scadono il 12 agosto 2026 e sono collegate al peggior ETF tra due focalizzati sul settore energetico: lo SPDR S&P Oil & Gas Exploration & Production ETF (XOP) e l'Energy Select Sector SPDR Fund (XLE).
Meccanismo di pagamento:
- Se l’ETF peggiore chiude il giorno di calcolo (7 agosto 2026) a o sopra l’80% del prezzo iniziale, gli investitori ricevono $1.000 più il rendimento fisso (≥ $92,50).
- Se chiude sotto l’80% ma a o sopra il 70%, gli investitori recuperano solo il capitale di $1.000, senza rendimento.
- Se chiude sotto il 70%, il rimborso sarà pari a $1.000 moltiplicato per il rendimento del prezzo dell’ETF, comportando una perdita superiore al 30% e fino al 100% del capitale.
Il valore stimato alla data di prezzo (24 luglio 2025) sarà circa $958,90, riflettendo i costi di emissione, vendita, strutturazione e copertura, pertanto le note saranno quotate sopra il loro valore economico. Il trading secondario sarà limitato e i titoli non sono quotati in borsa.
Rischi principali evidenziati includono assenza di interessi periodici, rendimento massimo limitato, forte concentrazione nel settore energetico, esposizione al credito di Morgan Stanley, potenziali conflitti di interesse derivanti dall’agente di calcolo/hedging affiliato, trattamento fiscale incerto e dipendenza dal modello di valutazione. La compensazione del dealer può arrivare fino a $23,25 per nota, con ulteriori concessioni di vendita fino a $17,50.
Morgan Stanley Finance LLC, garantizada completamente por Morgan Stanley, ofrece valores vinculados al mercado que combinan un rendimiento fijo contingente de al menos 9.25% con un riesgo contingente sobre el capital. Los bonos denominados en $1,000 vencen el 12 de agosto de 2026 y están vinculados al peor desempeño de dos ETFs enfocados en energía: el SPDR S&P Oil & Gas Exploration & Production ETF (XOP) y el Energy Select Sector SPDR Fund (XLE).
Mecánica de pago:
- Si el ETF con peor desempeño cierra en el día de cálculo (7 de agosto de 2026) en o por encima del 80% de su precio inicial, los inversionistas reciben $1,000 más el rendimiento fijo (≥ $92.50).
- Si cierra por debajo del 80% pero en o por encima del 70%, los inversionistas solo recuperan el principal de $1,000, sin rendimiento.
- Si cierra por debajo del 70%, el reembolso será igual a $1,000 multiplicado por el rendimiento del precio del ETF, generando una pérdida superior al 30% y hasta el 100% del capital.
El valor estimado en la fecha de precio (24 de julio de 2025) será aproximadamente $958.90, reflejando costos de emisión, venta, estructuración y cobertura, por lo que los bonos se cotizarán por encima de su valor económico. Se espera que el comercio secundario sea limitado y los valores no están listados en bolsa.
Riesgos clave destacados incluyen ausencia de intereses periódicos, límite en el rendimiento máximo, concentración significativa en el sector energético, exposición al crédito de Morgan Stanley, posibles conflictos de interés por agente de cálculo/cobertura afiliado, tratamiento fiscal incierto y dependencia del modelo de valoración. La compensación del distribuidor puede ser hasta $23.25 por bono, con concesiones adicionales de venta hasta $17.50.
Morgan Stanley Finance LLC는 Morgan Stanley가 전액 보증하는 시장 연계 증권을 제공하며, 최소 9.25%의 조건부 고정 수익과 조건부 원금 손실 위험을 결합한 상품입니다. $1,000 단위의 이 노트는 2026년 8월 12일에 만기되며, 두 개의 에너지 중심 ETF 중 최악의 성과를 보이는 ETF에 연계됩니다: SPDR S&P Oil & Gas Exploration & Production ETF (XOP)와 Energy Select Sector SPDR Fund (XLE).
지급 메커니즘:
- 최악의 ETF가 산정일(2026년 8월 7일)에 시작 가격의 80% 이상으로 마감하면, 투자자는 $1,000와 고정 수익(≥ $92.50)을 받습니다.
- 80% 미만이지만 70% 이상으로 마감하면, 투자자는 원금 $1,000만 상환받으며 수익은 없습니다.
- 70% 미만으로 마감하면, 상환금은 $1,000에 ETF 가격 수익률을 곱한 금액으로, 30% 이상의 손실에서 최대 원금 전액 손실까지 발생할 수 있습니다.
가격 산정일(2025년 7월 24일) 기준 예상 가치는 약 $958.90이며, 발행, 판매, 구조화 및 헤지 비용을 반영하므로 노트는 경제적 가치보다 높은 가격에 거래됩니다. 2차 거래는 제한적일 것으로 예상되며, 증권은 거래소에 상장되어 있지 않습니다.
주요 위험 요소로는 정기 이자 없음, 상한 수익, 에너지 부문에 대한 집중, Morgan Stanley 신용 위험, 제휴 계산 대리인/헤지로 인한 잠재적 이해 상충, 불확실한 세금 처리 및 평가 모델 의존성이 포함됩니다. 딜러 보수는 노트당 최대 $23.25이며, 추가 판매 수수료는 최대 $17.50입니다.
Morgan Stanley Finance LLC, entièrement garantie par Morgan Stanley, propose des titres liés au marché combinant un rendement fixe conditionnel d’au moins 9,25% avec un risque conditionnel sur le capital. Les billets libellés en $1 000 arrivent à échéance le 12 août 2026 et sont liés à la moins bonne performance de deux ETF axés sur l’énergie : le SPDR S&P Oil & Gas Exploration & Production ETF (XOP) et le Energy Select Sector SPDR Fund (XLE).
Mécanisme de paiement :
- Si l’ETF le moins performant clôture à la date de calcul (7 août 2026) à ou au-dessus de 80 % de son prix initial, les investisseurs reçoivent 1 000 $ plus le rendement fixe (≥ 92,50 $).
- S’il clôture en dessous de 80 % mais à ou au-dessus de 70 %, les investisseurs récupèrent uniquement le capital de 1 000 $—sans rendement.
- S’il clôture en dessous de 70 %, le remboursement équivaut à 1 000 $ multipliés par la performance du prix de l’ETF, entraînant une perte de plus de 30 % et jusqu’à 100 % du capital.
La valeur estimée à la date de tarification (24 juillet 2025) sera d’environ 958,90 $—reflétant les coûts d’émission, de vente, de structuration et de couverture—ainsi les billets seront cotés au-dessus de leur valeur économique. Le marché secondaire devrait être limité et les titres ne sont pas cotés en bourse.
Principaux risques soulignés incluent l’absence d’intérêts périodiques, un potentiel de gain plafonné, une forte concentration sectorielle dans l’énergie, une exposition au crédit de Morgan Stanley, des conflits d’intérêts potentiels liés à l’agent de calcul/couverture affilié, un traitement fiscal incertain et une dépendance au modèle d’évaluation. La rémunération du distributeur peut atteindre 23,25 $ par billet, avec des concessions supplémentaires de vente jusqu’à 17,50 $.
Morgan Stanley Finance LLC, vollständig garantiert von Morgan Stanley, bietet marktgebundene Wertpapiere an, die eine bedingte feste Rendite von mindestens 9,25% mit einem bedingten Risiko des Kapitals kombinieren. Die auf $1.000 lautenden Notes laufen am 12. August 2026 ab und sind an den schlechtesten Performer von zwei energieorientierten ETFs gebunden: den SPDR S&P Oil & Gas Exploration & Production ETF (XOP) und den Energy Select Sector SPDR Fund (XLE).
Auszahlungsmechanik:
- Schließt der schlechteste ETF am Berechnungstag (7. August 2026) bei mindestens 80% seines Startpreises, erhalten Anleger $1.000 plus die feste Rendite (≥ $92,50).
- Schließt er unter 80%, aber mindestens bei 70%, erhalten Anleger nur das Kapital von $1.000 zurück – keine Rendite.
- Schließt er unter 70%, entspricht die Rückzahlung $1.000 multipliziert mit der Kursrendite des ETFs, was einen Verlust von mehr als 30% bis hin zum Totalverlust des Kapitals bedeutet.
Der geschätzte Wert am Preisfeststellungstag (24. Juli 2025) liegt bei etwa $958,90 – dies berücksichtigt Emissions-, Verkaufs-, Strukturierungs- und Absicherungskosten – daher werden die Notes über ihrem wirtschaftlichen Wert gehandelt. Der Sekundärhandel wird voraussichtlich begrenzt sein, und die Wertpapiere sind nicht börsennotiert.
Wesentliche hervorgehobene Risiken umfassen keine regelmäßigen Zinsen, begrenztes Aufwärtspotenzial, erhebliche Konzentration im Energiesektor, Morgan Stanleys Kreditrisiko, potenzielle Interessenkonflikte durch verbundene Berechnungsagenten/Absicherung, unsichere steuerliche Behandlung und Abhängigkeit vom Bewertungsmodell. Die Händlervergütung beträgt bis zu $23,25 pro Note, mit zusätzlichen Verkaufskonventionen bis zu $17,50.
- Contingent fixed return of at least 9.25%, payable if the worst-performing ETF remains above 80% of its start price.
- 30% downside buffer before principal begins to erode, providing partial protection in moderate market declines.
- Short 13-month tenor limits exposure period compared with longer-dated structured notes.
- Unlimited downside once either ETF falls more than 30%, exposing investors to large losses.
- No participation above 9.25%; upside is capped, underperforming a direct ETF investment in strong rallies.
- Estimated value ($958.90) below face amount reflects dealer mark-ups, reducing economic efficiency.
- Credit risk of Morgan Stanley; payments depend on the issuer/guarantor’s ability to pay.
- Illiquidity: securities are unlisted and secondary trading may be limited or at significant discounts.
Insights
TL;DR: 9.25% contingent coupon and 30% buffer are attractive, but sector concentration and full downside beyond 30% warrant caution.
Valuation & structure: The note offers a single fixed payout scenario; once the 80% trigger is breached, upside disappears. Because the estimated value is $958.90, purchasers incur roughly a 4% initial mark-up. Dealer commissions and hedging costs explain most of that gap, eroding expected return versus a direct ETF investment.
Risk profile: Principal loss accelerates once the worst ETF falls 30%. Historical volatility of XOP and XLE suggests meaningful probability of such a drawdown during the 13-month tenor, making the downside buffer less robust than it appears. Investors also face Morgan Stanley credit exposure and illiquidity risk as the notes are non-listed.
Investor fit: Best suited for yield-seeking investors with a moderately bullish or range-bound view on energy who can tolerate both credit and market risk and are comfortable with a capped return.
Morgan Stanley Finance LLC, garantita completamente da Morgan Stanley, offre titoli collegati al mercato che combinano un rendimento fisso condizionato di almeno il 9,25% con un rischio condizionato sul capitale. Le note denominate $1.000 scadono il 12 agosto 2026 e sono collegate al peggior ETF tra due focalizzati sul settore energetico: lo SPDR S&P Oil & Gas Exploration & Production ETF (XOP) e l'Energy Select Sector SPDR Fund (XLE).
Meccanismo di pagamento:
- Se l’ETF peggiore chiude il giorno di calcolo (7 agosto 2026) a o sopra l’80% del prezzo iniziale, gli investitori ricevono $1.000 più il rendimento fisso (≥ $92,50).
- Se chiude sotto l’80% ma a o sopra il 70%, gli investitori recuperano solo il capitale di $1.000, senza rendimento.
- Se chiude sotto il 70%, il rimborso sarà pari a $1.000 moltiplicato per il rendimento del prezzo dell’ETF, comportando una perdita superiore al 30% e fino al 100% del capitale.
Il valore stimato alla data di prezzo (24 luglio 2025) sarà circa $958,90, riflettendo i costi di emissione, vendita, strutturazione e copertura, pertanto le note saranno quotate sopra il loro valore economico. Il trading secondario sarà limitato e i titoli non sono quotati in borsa.
Rischi principali evidenziati includono assenza di interessi periodici, rendimento massimo limitato, forte concentrazione nel settore energetico, esposizione al credito di Morgan Stanley, potenziali conflitti di interesse derivanti dall’agente di calcolo/hedging affiliato, trattamento fiscale incerto e dipendenza dal modello di valutazione. La compensazione del dealer può arrivare fino a $23,25 per nota, con ulteriori concessioni di vendita fino a $17,50.
Morgan Stanley Finance LLC, garantizada completamente por Morgan Stanley, ofrece valores vinculados al mercado que combinan un rendimiento fijo contingente de al menos 9.25% con un riesgo contingente sobre el capital. Los bonos denominados en $1,000 vencen el 12 de agosto de 2026 y están vinculados al peor desempeño de dos ETFs enfocados en energía: el SPDR S&P Oil & Gas Exploration & Production ETF (XOP) y el Energy Select Sector SPDR Fund (XLE).
Mecánica de pago:
- Si el ETF con peor desempeño cierra en el día de cálculo (7 de agosto de 2026) en o por encima del 80% de su precio inicial, los inversionistas reciben $1,000 más el rendimiento fijo (≥ $92.50).
- Si cierra por debajo del 80% pero en o por encima del 70%, los inversionistas solo recuperan el principal de $1,000, sin rendimiento.
- Si cierra por debajo del 70%, el reembolso será igual a $1,000 multiplicado por el rendimiento del precio del ETF, generando una pérdida superior al 30% y hasta el 100% del capital.
El valor estimado en la fecha de precio (24 de julio de 2025) será aproximadamente $958.90, reflejando costos de emisión, venta, estructuración y cobertura, por lo que los bonos se cotizarán por encima de su valor económico. Se espera que el comercio secundario sea limitado y los valores no están listados en bolsa.
Riesgos clave destacados incluyen ausencia de intereses periódicos, límite en el rendimiento máximo, concentración significativa en el sector energético, exposición al crédito de Morgan Stanley, posibles conflictos de interés por agente de cálculo/cobertura afiliado, tratamiento fiscal incierto y dependencia del modelo de valoración. La compensación del distribuidor puede ser hasta $23.25 por bono, con concesiones adicionales de venta hasta $17.50.
Morgan Stanley Finance LLC는 Morgan Stanley가 전액 보증하는 시장 연계 증권을 제공하며, 최소 9.25%의 조건부 고정 수익과 조건부 원금 손실 위험을 결합한 상품입니다. $1,000 단위의 이 노트는 2026년 8월 12일에 만기되며, 두 개의 에너지 중심 ETF 중 최악의 성과를 보이는 ETF에 연계됩니다: SPDR S&P Oil & Gas Exploration & Production ETF (XOP)와 Energy Select Sector SPDR Fund (XLE).
지급 메커니즘:
- 최악의 ETF가 산정일(2026년 8월 7일)에 시작 가격의 80% 이상으로 마감하면, 투자자는 $1,000와 고정 수익(≥ $92.50)을 받습니다.
- 80% 미만이지만 70% 이상으로 마감하면, 투자자는 원금 $1,000만 상환받으며 수익은 없습니다.
- 70% 미만으로 마감하면, 상환금은 $1,000에 ETF 가격 수익률을 곱한 금액으로, 30% 이상의 손실에서 최대 원금 전액 손실까지 발생할 수 있습니다.
가격 산정일(2025년 7월 24일) 기준 예상 가치는 약 $958.90이며, 발행, 판매, 구조화 및 헤지 비용을 반영하므로 노트는 경제적 가치보다 높은 가격에 거래됩니다. 2차 거래는 제한적일 것으로 예상되며, 증권은 거래소에 상장되어 있지 않습니다.
주요 위험 요소로는 정기 이자 없음, 상한 수익, 에너지 부문에 대한 집중, Morgan Stanley 신용 위험, 제휴 계산 대리인/헤지로 인한 잠재적 이해 상충, 불확실한 세금 처리 및 평가 모델 의존성이 포함됩니다. 딜러 보수는 노트당 최대 $23.25이며, 추가 판매 수수료는 최대 $17.50입니다.
Morgan Stanley Finance LLC, entièrement garantie par Morgan Stanley, propose des titres liés au marché combinant un rendement fixe conditionnel d’au moins 9,25% avec un risque conditionnel sur le capital. Les billets libellés en $1 000 arrivent à échéance le 12 août 2026 et sont liés à la moins bonne performance de deux ETF axés sur l’énergie : le SPDR S&P Oil & Gas Exploration & Production ETF (XOP) et le Energy Select Sector SPDR Fund (XLE).
Mécanisme de paiement :
- Si l’ETF le moins performant clôture à la date de calcul (7 août 2026) à ou au-dessus de 80 % de son prix initial, les investisseurs reçoivent 1 000 $ plus le rendement fixe (≥ 92,50 $).
- S’il clôture en dessous de 80 % mais à ou au-dessus de 70 %, les investisseurs récupèrent uniquement le capital de 1 000 $—sans rendement.
- S’il clôture en dessous de 70 %, le remboursement équivaut à 1 000 $ multipliés par la performance du prix de l’ETF, entraînant une perte de plus de 30 % et jusqu’à 100 % du capital.
La valeur estimée à la date de tarification (24 juillet 2025) sera d’environ 958,90 $—reflétant les coûts d’émission, de vente, de structuration et de couverture—ainsi les billets seront cotés au-dessus de leur valeur économique. Le marché secondaire devrait être limité et les titres ne sont pas cotés en bourse.
Principaux risques soulignés incluent l’absence d’intérêts périodiques, un potentiel de gain plafonné, une forte concentration sectorielle dans l’énergie, une exposition au crédit de Morgan Stanley, des conflits d’intérêts potentiels liés à l’agent de calcul/couverture affilié, un traitement fiscal incertain et une dépendance au modèle d’évaluation. La rémunération du distributeur peut atteindre 23,25 $ par billet, avec des concessions supplémentaires de vente jusqu’à 17,50 $.
Morgan Stanley Finance LLC, vollständig garantiert von Morgan Stanley, bietet marktgebundene Wertpapiere an, die eine bedingte feste Rendite von mindestens 9,25% mit einem bedingten Risiko des Kapitals kombinieren. Die auf $1.000 lautenden Notes laufen am 12. August 2026 ab und sind an den schlechtesten Performer von zwei energieorientierten ETFs gebunden: den SPDR S&P Oil & Gas Exploration & Production ETF (XOP) und den Energy Select Sector SPDR Fund (XLE).
Auszahlungsmechanik:
- Schließt der schlechteste ETF am Berechnungstag (7. August 2026) bei mindestens 80% seines Startpreises, erhalten Anleger $1.000 plus die feste Rendite (≥ $92,50).
- Schließt er unter 80%, aber mindestens bei 70%, erhalten Anleger nur das Kapital von $1.000 zurück – keine Rendite.
- Schließt er unter 70%, entspricht die Rückzahlung $1.000 multipliziert mit der Kursrendite des ETFs, was einen Verlust von mehr als 30% bis hin zum Totalverlust des Kapitals bedeutet.
Der geschätzte Wert am Preisfeststellungstag (24. Juli 2025) liegt bei etwa $958,90 – dies berücksichtigt Emissions-, Verkaufs-, Strukturierungs- und Absicherungskosten – daher werden die Notes über ihrem wirtschaftlichen Wert gehandelt. Der Sekundärhandel wird voraussichtlich begrenzt sein, und die Wertpapiere sind nicht börsennotiert.
Wesentliche hervorgehobene Risiken umfassen keine regelmäßigen Zinsen, begrenztes Aufwärtspotenzial, erhebliche Konzentration im Energiesektor, Morgan Stanleys Kreditrisiko, potenzielle Interessenkonflikte durch verbundene Berechnungsagenten/Absicherung, unsichere steuerliche Behandlung und Abhängigkeit vom Bewertungsmodell. Die Händlervergütung beträgt bis zu $23,25 pro Note, mit zusätzlichen Verkaufskonventionen bis zu $17,50.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,282
Filed pursuant to Rule 433
Registration Statement Nos. 333-275587; 333-275587-01
July 11, 2025
Morgan Stanley Finance LLC
Structured Investments
Market Linked Securities—Contingent Fixed Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the SPDR® S&P® Oil & Gas Exploration & Production ETF and the Energy Select Sector SPDR® Fund due August 12, 2026
Fully and Unconditionally Guaranteed by Morgan Stanley
Summary of terms
|
Issuer and guarantor |
Morgan Stanley Finance LLC (issuer) and Morgan Stanley (guarantor) |
|
Underlyings |
SPDR® S&P® Oil & Gas Exploration & Production ETF (the “XOP Shares”) and Energy Select Sector SPDR® Fund (the “XLE Shares”) (each referred to as an “underlying,” and collectively as the “underlyings”) |
|
Pricing date* |
July 24, 2025 |
|
Original issue date* |
July 29, 2025 |
|
Face amount |
$1,000 per security |
|
Contingent fixed return |
At least 9.25% of the face amount ($92.50 per face amount, to be determined on the pricing date) |
|
Maturity payment amount (per security) |
At maturity, the maturity payment amount per $1,000 face amount of securities will be determined as follows: ●If the ending price of the lowest performing underlying is greater than or equal to its threshold price: $1,000 + contingent fixed return; or ●If the ending price of the lowest performing underlying is less than its threshold price but greater than or equal to its downside threshold price: $1,000; or ●If the ending price of the lowest performing underlying is less than its downside threshold price: $1,000 + ($1,000 × underlying return of lowest performing underlying) If the ending price of the lowest performing underlying is less than its downside threshold price, you will lose more than 30%, and possibly all, of the face amount of your securities at maturity. |
|
Underlying return |
For each underlying, (ending price - starting price) / (starting price) |
|
Lowest performing underlying |
The underlying with the lowest underlying return |
|
Maturity date* |
August 12, 2026 |
|
Starting price |
For each underlying, its fund closing price on the pricing date |
|
Ending price |
For each underlying, its fund closing price on the calculation day |
|
Threshold price |
For each underlying, 80% of the starting price |
|
Downside threshold price |
For each underlying, 70% of the starting price |
|
Calculation day* |
August 7, 2026, subject to postponement for non-trading days and certain market disruption events. |
|
Calculation agent |
Morgan Stanley & Co. LLC, an affiliate of the issuer and the guarantor |
|
Denominations |
$1,000 and any integral multiple of $1,000 |
|
Agent discount** |
Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC will act as the agents for this offering. Wells Fargo Securities, LLC will receive a commission of up to $23.25 for each security it sells. Dealers, including Wells Fargo Advisors (“WFA”), may receive a selling concession of up to $17.50 per security, and WFA may receive a distribution expense fee of $0.75 for each security sold by WFA. |
|
CUSIP |
61778NKY6 |
|
Tax considerations |
See preliminary pricing supplement |
Hypothetical payout profile***
***assumes a contingent fixed return of 9.25% of the face amount ($92.50 per face amount, to be determined on the pricing date)
A decline in EITHER of the underlyings below its respective downside threshold price will result in a significant loss of your investment, even if the other underlying has appreciated or has not declined as much. You may lose a significant portion or all of your investment.
The face amount of each security is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date will be less than $1,000 per security. We estimate that the value of each security on the pricing date will be approximately $958.90, or within $35.00 of that estimate. Our estimate of the value of the securities as determined on the pricing date will be set forth in the final pricing supplement. See “Estimated Value of the Securities” in the accompanying preliminary pricing supplement for further information.
This document provides a summary of the terms of the securities. Investors should carefully review the accompanying preliminary pricing supplement referenced below, product supplement for principal at risk securities, index supplement and prospectus, and the “Selected risk considerations” on the following page, before making a decision to invest in the securities.
Preliminary pricing supplement:
https://www.sec.gov/Archives/edgar/data/895421/000183988225038394/ms9282_424b2-20999.htm
*subject to change
**In addition, selected dealers may receive a fee of up to 0.20% for marketing and other services.
The securities have complex features and investing in the securities involves risks not associated with an investment in ordinary debt securities. See “Selected risk considerations” in this term sheet and “Risk Factors” in the accompanying preliminary pricing supplement and product supplement. All payments on the securities are subject to our credit risk.
This introductory term sheet does not provide all of the information that an investor should consider prior to making an investment decision.
The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed by, a bank.
Selected risk considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement, product supplement for principal at risk securities, index supplement and prospectus. Please review those risk factors carefully.
Risks Relating to an Investment in the Securities
●The securities do not pay interest, and you will lose more than 30%, and possibly all, of the face amount of your securities at maturity if the ending price of the lowest performing underlying is less than its downside respective threshold price.
●Your potential return on the securities is fixed and limited.
●The market price will be influenced by many unpredictable factors.
●The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●The amount payable on the securities is not linked to the values of the underlyings at any time other than the calculation day.
●Investing in the securities is not equivalent to investing in the underlyings or the stocks composing the fund underlying indices.
●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the face amount reduce the economic terms of the securities, cause the estimated value of the securities to be less than the face amount and will adversely affect secondary market prices.
●The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.
●The securities will not be listed on any securities exchange and secondary trading may be limited.
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.
●The maturity date may be postponed if the calculation day is postponed.
●Potentially inconsistent research, opinions or recommendations by Morgan Stanley, MSFL, WFS or our or their respective affiliates.
●The U.S. federal income tax consequences of an investment in the securities are uncertain.
Risks Relating to the Underlyings
●You are exposed to the price risk of each underlying.
●Because the securities are linked to the performance of the lowest performing underlying, you are exposed to greater risk of sustaining a significant loss on your investment than if the securities were linked to just one underlying.
●Investing in the securities exposes investors to risks associated with investments in securities with a concentration in the oil and gas exploration and production sector.
●Investing in the securities exposes investors to risks associated with investments with a concentration in the energy sector.
●The antidilution adjustments the calculation agent is required to make do not cover every event that could affect the underlyings.
●Adjustments to the underlyings or the fund underlying indices could adversely affect the value of the securities.
●Historical prices of the underlyings should not be taken as an indication of the future performance of the underlyings during the term of the securities.
For more information about the underlyings, including historical performance information, see the accompanying preliminary pricing supplement.
Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the applicable product supplement and the index supplement) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates. You should read the prospectus in that registration statement, the applicable product supplement, the index supplement and any other documents relating to this offering that Morgan Stanley and MSFL have filed with the SEC for more complete information about Morgan Stanley, MSFL and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, Morgan Stanley, MSFL, any underwriter or any dealer participating in the offering will arrange to send you the applicable product supplement, index supplement and prospectus if you so request by calling toll-free 1-(800)-584-6837.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo Finance LLC and Wells Fargo & Company.
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FAQ
What return can MS investors earn on the Market-Linked Securities?
How much principal protection do the Morgan Stanley notes provide?
Which ETFs underlie the securities and why does that matter?
Will the securities trade on an exchange?
Why is the estimated value of each security only $958.90?
What fees and commissions are embedded in the offering?
